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BUENOS AIRES, Argentina (AFP) — The International Monetary Fund (IMF) agreed with Argentina to a standby loan of $50 billion over a three-year period, Finance Minister Nicolas Dujovne said Thursday. “We have looked to the IMF to avoid a crisis,” the minister told a news conference in Buenos Aires, adding there would be an “immediate” payment of $15 billion. “We are engaged in the construction of a normal country. It support for our program,” he […]
SHANGHAI, China (AFP) — Anbang Insurance Group said Wednesday that China’s government will inject 60.8 billion yuan ($9.7 billion) into the troubled conglomerate, whose rapid acquisition binge triggered a takeover by regulators worried about the firm’s solvency. China’s insurance regulator announced an unprecedented commandeering of Anbang in February, and a Shanghai court last week accused former chairman Wu Xiaohui of defrauding the company of more than $10 billion. No verdict has been announced yet. The government’s swoop […]
NEW YORK, United States (AFP) — Crisis-plagued Venezuela suffered another blow Thursday as a committee of creditors ruled that state oil company PDVSA has defaulted on its debt, a decision that triggers payment of default insurance to investors. The setback for the oil-rich but cash-poor nation came as no surprise, as the government of President Nicolas Maduro has missed payments on sovereign bonds as well as PDVSA debt, even as the population continues to suffer from […]
CARACAS, Venezuela (AFP) — Venezuelan President Nicolas Maduro insisted on Sunday that his cash-strapped country would “never” default, as he prepared to meet with creditors in Caracas to discuss rescheduling part of the country’s massive $150 billion debt. “Never, default will never reach Venezuela,” he declared on his weekly television show. “Our strategy is to renegotiate and refinance all the debt.” Maduro pointed to ongoing negotiations with his allies China and Russia, to which Venezuela […]
(Eagle News) — The Palace on Friday welcomed Philippine Airlines’ settlement of its P6 billion in unpaid dues. Presidential Spokesperson Harry Roque said in a statement that the paid amount which represents debt incurred by PAL from the 1970s to July 2017 will be used for the government’s “priority programs.” “The conclusion of this long-standing issue under the Duterte administration underscores our strong commitment to decisively act on matters that would greatly benefit the nation’s best […]
by Antonio Rodriguez Agence France-Presse WASHINGTON, United States (AFP) — For the first time in years the International Monetary Fund is optimistic about global economic growth. But it sees a new problem: mounting debt in the world’s largest countries. “Debt levels are increasing in G20 economies,” Tobias Adrian, who heads the IMF’s monetary and capital markets division, said Wednesday. Among private businesses in those countries, leverage is higher than before the financial crisis. And the weight of […]
WASHINGTON DC, United States (Reuters) – The U.S. State Department said on Tuesday (June 13) it was “grateful” for the release of Otto Warmbier, a U.S. university student held captive in North Korea for 17 months. Warmbier, 22, a University of Virginia student from suburban Cincinnati, was on his way back to the United States. State Department Spokeswoman Heather Nauert said Warmbier was “in the air” and would not comment further on his physical condition, […]
by Dmitry ZAKS KIEV, Ukraine (AFP) — The International Monetary Fund said Saturday it had reached a preliminary agreement with Ukraine that could see the war-scarred and cashed-starved nation receive fresh aid in the first half of the year. The news was particularly good for the ex-Soviet republic because the IMF statement referred to a loan of $1 billion (0.9 billion euros) and not the lesser sums discussed in earlier months. Ukraine also gets […]
The foreign debt of the Philippines has lessened in the 2nd quarter of the year, from 58.3 billion dollars in the 1st quarter to currently 58.1 billion dollars.
